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Nov 16, 2012
11/12
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darren gersh, nbr, washington. >> susie: joining us now, mitchell crusto. he's a law professor at loyola university in new orleans, and has been studying the b.p. case and the relationship between business and the environment. how important is today's set element -- settlement. >> this is the biggest story.no. we have more dollars at stake. >> in terms of how importantthil us a little more. it's a record settlement. but it does encompass quite a few different features. in addition to the felony charges there is the fec investigation and the resolution of that matter and that is a big deal. >> darren is saying it's notove. the government is bringing gross negligence charges against bp. bp is going to fight it vigorously how is that going to play out? >> it's difficult for them toave standard when they admitted to the felony charges. when it's related to the environment. it's some $20 billion this is a big story but it's an even bigger story ahead. >> there have been so many fines there a silver lining to all of this? does this make the deep water drilling sa
darren gersh, nbr, washington. >> susie: joining us now, mitchell crusto. he's a law professor at loyola university in new orleans, and has been studying the b.p. case and the relationship between business and the environment. how important is today's set element -- settlement. >> this is the biggest story.no. we have more dollars at stake. >> in terms of how importantthil us a little more. it's a record settlement. but it does encompass quite a few different features. in...
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Nov 15, 2012
11/12
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sylvia hall, "n.b.r.," washington. >> susie: tomorrow on "n.b.r." a big day for retail earnings: walmart, target, dollar tree, and gap; all report results.nd and china's chooses its new diplomatic team, we look at that nation's historic once-in-a- decade leadership change. >> tom: the negotiations on avoiding the fiscal cliff will impact your paycheck, and possibly your portfolio, even if the only stocks you own are in mutual funds in a 401-k. john sweeney is executive vice president of planning and advisory services with fidelity investments. john, certainly this is a big threat for all investors, all income earners, how big is it for long-term investors? >> thanks, tom. a lot of our investors are asking us for help, trying to navigate the tacks tax landscape. and people are asking how they might adjust their portfolios. a couple of things to keep in perspective. when you think about constructing your portfolio, you want to be focused on your long-term goals. if retirement several years away, you want to make sure you have enough earnings power to
sylvia hall, "n.b.r.," washington. >> susie: tomorrow on "n.b.r." a big day for retail earnings: walmart, target, dollar tree, and gap; all report results.nd and china's chooses its new diplomatic team, we look at that nation's historic once-in-a- decade leadership change. >> tom: the negotiations on avoiding the fiscal cliff will impact your paycheck, and possibly your portfolio, even if the only stocks you own are in mutual funds in a 401-k. john sweeney is...
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Nov 8, 2012
11/12
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a repeated warning to washington-- if the u.s. goes over the fiscal cliff, it would push the economy into a recession. and late today, a top credit rating agency puts the odds of going off the cliff at 15%. plus, how g.o.p. economic policies could change as election day demographics change. that and more tonight on nbr! the u.s. economy would be driven into recession next year if the fiscal cliff is not solved in time. that's the warning again today from the congressional budget office. and the standard and poor's ratings agency said there's an increasing chance we will go over that cliff of tax increases and spending cuts. it puts the odds at 15%. still, s&p is optimistic about a solution, saying "the most likely scenario, in our view, is that policymakers reach sufficient political compromise in time to avoid most, if not all, potential economic effects of the cliff." both s&p and the congressional budget office warned unemployment would go over 9% by the end of next year if the cliff is triggered. those s&p comments hit the mar
a repeated warning to washington-- if the u.s. goes over the fiscal cliff, it would push the economy into a recession. and late today, a top credit rating agency puts the odds of going off the cliff at 15%. plus, how g.o.p. economic policies could change as election day demographics change. that and more tonight on nbr! the u.s. economy would be driven into recession next year if the fiscal cliff is not solved in time. that's the warning again today from the congressional budget office. and the...
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Nov 15, 2012
11/12
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as darren gersh reports from washington, even before republicans and democrats sit down to talk on friday, both sides are laying down markers. >> reporter: just two days before he meets with congressional leaders, the president took a tougher tone on budget talks. in his news conference, he pushed hard for an immediate extension of tax cuts for everyone making less than $250,000 a year. >> and by the way, that means every american, inuding the wealthiest americans get a tax cut. it means that 98% of all americans, and 97% of all small businesses won't see their taxes go up a single dime. the senate has already passed a law like this. democrats in the house are ready to pass a law like this and i hope republicans in the house come on board too. >> reporter: republicans said again they would be willing to raise more tax revenue by closing loopholes or limiting deductions. but those revenues had to be matched with cuts in entitlement programs. >> until u ma our entitlement programs fit the future demographic of country, the demographics of our country, you can't possibly solve our long term
as darren gersh reports from washington, even before republicans and democrats sit down to talk on friday, both sides are laying down markers. >> reporter: just two days before he meets with congressional leaders, the president took a tougher tone on budget talks. in his news conference, he pushed hard for an immediate extension of tax cuts for everyone making less than $250,000 a year. >> and by the way, that means every american, inuding the wealthiest americans get a tax cut. it...
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Nov 14, 2012
11/12
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darren gersh reports. >> reporter: it was freshman welcome day in washington. senate republican leader mitch mcconnell lost ground in the election, but he posed for the cameras with the three new senators who will be joining his side of the aisle in january. in the house, minority leader nancy pelosi beamed as she presented the new faces adding to democratic ranks in the coming congress. given what awaits these new lawmakers in january, you might wonder why they want the job. it's still not clear whether a lame duck session of congress will navigate the expiring tax breaks and automatic spending cuts that make up the fiscal cliff. the president met privately with labor leaders to discuss options for the fiscal cliff. tomorrow, he will caucus with c.e.o.s from companies like wal-mart, g.e. and bank of america. it all leads up to friday when the president sits down with congressional leaders at the white house to begin the real negotiations, and both sides enter those talks claiming a mandate to protect the principals the voters endorsed at the ballot box. >> dar
darren gersh reports. >> reporter: it was freshman welcome day in washington. senate republican leader mitch mcconnell lost ground in the election, but he posed for the cameras with the three new senators who will be joining his side of the aisle in january. in the house, minority leader nancy pelosi beamed as she presented the new faces adding to democratic ranks in the coming congress. given what awaits these new lawmakers in january, you might wonder why they want the job. it's still...
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Nov 13, 2012
11/12
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american businesses are not only concerned about the fiscal showdown in washington, but also about corporate earnings. nearly all of the s&p 500 firms have reported numbers, and profit growth is the slowest since the recession in 2009. and the majority of firms are also reporting disappointing revenues. here's erika miller with a look back at the quarter, and a look ahead. >> reporter: earnings season is drawing to a close. and for many firms it's good riddance. nearly all of the s&p 500 have reported quarterly numbers, and according to s&p capital i.q., profits are up a measly 2%. thomson reuters and factset crunch the numbers slightly differently, and believe profits are actually down. the bigger concern is revenue growth. s&p has the most optimistic analysis with a 0.6% gain. the other two firms see negative growth. firms face an almost universal problem: a slowing global economy. >> companies kind of put it in this context: the red flag is europe still. china falling there after, being kind of a yellow flag. >> reporter: that weak global demand is forcing many companies to cut prices, hu
american businesses are not only concerned about the fiscal showdown in washington, but also about corporate earnings. nearly all of the s&p 500 firms have reported numbers, and profit growth is the slowest since the recession in 2009. and the majority of firms are also reporting disappointing revenues. here's erika miller with a look back at the quarter, and a look ahead. >> reporter: earnings season is drawing to a close. and for many firms it's good riddance. nearly all of the...
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Nov 1, 2012
11/12
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darren gersh, nbr, washington. >> tom: retail sales moved higher in october as retailers closed their books on the month before sandy rushed ashore. macy's surprised with a better than expected 4% sales gains; kohl's and target also fared well. warehouse store costco was up 5%, while nordstrom was the standout. the high-end retailer posting a near 10% sales gain. >> susie: and auto sales moved higher in october, despite hurricane sandy crimping sales in the final days of the month. sales at g.m. rose almost 5% on strength in its cadillac and buick brands. at ford, sales barely budged, up just four tenths of a percent. the auto maker believes the massive storm cost the industry as many as 25,000 sales in the last three days of the month. chrysler was up 10%, led by its ram pickup truck. toyota's sales were up 16%, while honda gained about half that. also from ford today, some management news that looks like a succession plan. mark fields was tapped to be chief operating officer, a move seen as steering him to eventually take the wheel from ford c.e.o. alan mulally. diane eastabrook rep
darren gersh, nbr, washington. >> tom: retail sales moved higher in october as retailers closed their books on the month before sandy rushed ashore. macy's surprised with a better than expected 4% sales gains; kohl's and target also fared well. warehouse store costco was up 5%, while nordstrom was the standout. the high-end retailer posting a near 10% sales gain. >> susie: and auto sales moved higher in october, despite hurricane sandy crimping sales in the final days of the month....
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Nov 2, 2012
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sylvia hall, nbr, washington. >> tom: utility crews working 16-hour shifts continue making progress turning the power back on for millions of customers in the dark since monday night. about four and a half million customers remain without power, down from more than eight million. we heard today from new jersey utility public service enterprise group, warng it isng "unable to estimate the possible loss related to hurricane sandy. however, such costs could be material." we spoke with lewis hay, executive chairman of next-era energy, the parent company of florida power and light. here's more of that conversation, beginning with the cost of the repair jobs for por companies in the northeast. >> well, this repair job is going to cost an huge amount of money. i don't think anybody can truly estimate what the cost is going to be. but it wilos be a lot of money. when we had hurricane wilma it cost uso over a half a billion dollars. and this storm is much more extensive than-- expensive than that. the good news is the utilities have the balance sheets and the financial wherewithal to foot the bill.
sylvia hall, nbr, washington. >> tom: utility crews working 16-hour shifts continue making progress turning the power back on for millions of customers in the dark since monday night. about four and a half million customers remain without power, down from more than eight million. we heard today from new jersey utility public service enterprise group, warng it isng "unable to estimate the possible loss related to hurricane sandy. however, such costs could be material." we spoke...
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Nov 23, 2012
11/12
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. >> reporter: so while all these cuts are one way to help washington get its fiscal house in order, c.e.o. bill polacek says it would take a massive, preventable and personal toll here in johnstown. >> everything i've worked for, everything everybody worked for, in 25 years of business that we're celebrating this year, could all be for naught, only because the people in congress, and the senate, can't vote to do what's in the best interest of the american people. >> reporter: congress has until january first to avert the sequester. until then, manufacturers, researchers, teachers and a host of others will be waiting to find out if and how the fiscal cliff will affect them. sylvia hall, "n.b.r.," washington. >> tom: we've seen the estimates on going over the cliff, recession, some even calling it debt-mageddon. but from tax rates, to entitlement spending, what are the real policy implications here? to answer that question, our washington bureau chief darren gersh recently spoke with economists from both sides of the aisle. dean baker and douglas holtz- eakin joined us and after a coi
. >> reporter: so while all these cuts are one way to help washington get its fiscal house in order, c.e.o. bill polacek says it would take a massive, preventable and personal toll here in johnstown. >> everything i've worked for, everything everybody worked for, in 25 years of business that we're celebrating this year, could all be for naught, only because the people in congress, and the senate, can't vote to do what's in the best interest of the american people. >> reporter:...
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Nov 17, 2012
11/12
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. >> reporter: in washington, they think carefully about the pictures they want to present to the public so this mattered. all four congressional leaders-- democrats and republicans-- after meeting with the president chose to face the cameras together. that hardly ever happens and it reflects the new post-election mood of cooperation. house speaker john boehner called the meeting very constructive. >> i outlined a framework that deals with reforming our tax code and reforming our spending. and i believe the framework that i've outlined in our meeting today is consistent with the president's call for a fair and balanced approach. >> reporter: to republican leaders balance means some higher tax revenues are paired with reductions in spending and changes in entitlement programs. that's a challenge for democrats, but the president seemed willing to move in that direction. >> our challenge is to make sure that we are able to cooperate together, work together, find some common ground, make some tough compromises, build some consensus to do the peoples business. and what folks are looking for--
. >> reporter: in washington, they think carefully about the pictures they want to present to the public so this mattered. all four congressional leaders-- democrats and republicans-- after meeting with the president chose to face the cameras together. that hardly ever happens and it reflects the new post-election mood of cooperation. house speaker john boehner called the meeting very constructive. >> i outlined a framework that deals with reforming our tax code and reforming our...
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Nov 8, 2012
11/12
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he joins us from our washington d.c. bureau. what do you make of today's stock sell-off? election related?at >> so, stew, is what we saw today in the stock market, with the selloff, the reaction to status quo. >> no. i think that is an overstatement. i think it is more of a reaction to what happened in europe, where the e.u. central banker said that germany was not looking so hot. >> so instead of reacting to the election, it was europe in your analysis. let's talk about the economy here, though, with the fiscal clip. you heard john boehner willing to accept new revenue. heaharry reid in the senate, saying you can't push us around anymore. is this language that begins compromise. >> it will begin compromise, but it may be far more horrowing. it may be it takes place next year, rather than this year. the problem is john boehner himself has one more election. he wants to be re-elected as speaker of the house. that does not take place until january 3, 2013. if he cuts a deal with barack obama, he faces a serious revolt in his own caucus. >> tom: is your caution then don't ex
he joins us from our washington d.c. bureau. what do you make of today's stock sell-off? election related?at >> so, stew, is what we saw today in the stock market, with the selloff, the reaction to status quo. >> no. i think that is an overstatement. i think it is more of a reaction to what happened in europe, where the e.u. central banker said that germany was not looking so hot. >> so instead of reacting to the election, it was europe in your analysis. let's talk about the...
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Nov 10, 2012
11/12
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darren gersh, "n.b.r.," washington. >> tom: it wasn't as bad as we thought. that's how the government sized up the summer drought which parched the midwest. a report out today says crops fared better than expected. still u.s. farmers probably produced their smallest corn crop in six years. and as diane eastabrook reports uncertainty over the weather could keep prices volatile for months. >> reporter: this morning chicago grain traders sent soybean futures prices tumbling and corn prices see-sawing on the latest news about this year's harvest. the department of agriculture forecast farmers will produce slightly more soybeans and corn than predicted a month ago. >> it did come in a little better than expected and that goes to the technology that we've been able to develop-- that our scientists have been able to put into seeds. >> reporter: still the summer drought was devastating. the government expects the u.s. corn crop will be about 13% smaller than last year's and the soybean crop could be about 4% smaller. scoville also worries the weather problems that pl
darren gersh, "n.b.r.," washington. >> tom: it wasn't as bad as we thought. that's how the government sized up the summer drought which parched the midwest. a report out today says crops fared better than expected. still u.s. farmers probably produced their smallest corn crop in six years. and as diane eastabrook reports uncertainty over the weather could keep prices volatile for months. >> reporter: this morning chicago grain traders sent soybean futures prices tumbling...
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Nov 22, 2012
11/12
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sylvia hall, "n.b.r.," washington. >> tom: states have just one month before they have to decide if they will start a health care insurance exchange. the exchanges are a key part of the health insurance reform law's efforts to expand the number of americans with coverage. we spoke with the head of the largest health insurer in florida, blue cross blue shield. patrick geraghty is the chairman and c.e.o. of florida blue. >> tom: pat, thank you for joining us tonight. will blue cross, blue shield participate if there is a health exchange in the state of florida? >> we absolutely will. we will position our company to be part of any distribution channel that is out there. >> tom: how has enrollment been? >> enrollment -- it's not in the exchange yet, but enrollment in our company, we're over 83,000 new members this year, and we've got over 60,000 new members sold for 1/1/13. >> tom: how many of those new members have existing health insurance. how many are moving from uninsured to insured. >> almost all of those members have health insurance right now. we haven't seen the big movement from un
sylvia hall, "n.b.r.," washington. >> tom: states have just one month before they have to decide if they will start a health care insurance exchange. the exchanges are a key part of the health insurance reform law's efforts to expand the number of americans with coverage. we spoke with the head of the largest health insurer in florida, blue cross blue shield. patrick geraghty is the chairman and c.e.o. of florida blue. >> tom: pat, thank you for joining us tonight. will...